Here are several excerpts from an article by Strats Inc, a leader in developing strategic solutions for businesses and brands, Five rules for understanding a new breed of consumers:
Do you need to understand the mindset of the ever-evolving consumer?
“Not changing with the times is a fatal mistake for any company or brand,” says Philip Hendrickse, Managing Director of Strats Inc.
“A client must remain future-focused and always keep youthfulness of mind,” he stresses. “The process of learning is never finished.”
Strats Inc believes we are witnessing a new breed of consumers. Savvy, smart and sometimes cynical, these are people who know how to access information quickly and to block out intrusive media messages, people who want a brand to reflect their lifestyle and personality and, more importantly, want ongoing value for their money.
Engaging with this new class of consumers will mean playing by a different set of rules…
Rule 1 – Consumers must be invited into a relationship with your brand - Brands that have traditionally talked to the consumer now have to engage and interact with their target market in order to win trust.
It is important to see a brand as a promise. If marketers are indeed going to interact and engage successfully with their target market they in fact need to allow customers to embrace their brands in their own way thereby establishing a platform of trust.
Rule 2 – Target your market – A common mistake is not segmenting a client’s market properly, leading to wastage.
Today’s consumer can’t be rigidly targeted by household income or LSM’s as these changing lifestyle needs and wants fall across many disparate groups.
Leveraging social media is important as your product gets talked about, passed on virally and engaged with in the correct arenas.
Rule 3 – CRM is vital in delivering value to your consumers – Over the years, Customer Relationship Management (CRM) has become more complex. For brands, CRM isn’t so much about customer relationship management, but more about customer relationship growth.
In essence, it is the linchpin that stimulates new customers through perceived value and retains existing consumers. If tracked correctly through CRM, the consumer is never allowed to fall outside the embrace of a brand. Service standards can be better monitored and corrections and adjustments can be made in time.
Rule 4 – Alternative marketing must be built into your marketing plan – Viral marketing platforms and the explosion of digital marketing is now recognized as vital to any integrated marketing plan. Strategically using alternative marketing vehicles allows a brand to interact with a consumer at point of sale.
Similarly, cellphone technology has allowed other meaningful opportunities of engagement and is well poised to offer valued add-on services to the consumer. It’s important to remember that today’s consumer is comfortable with using technology in order to have speed and convenience. It often translates to instant service.
Rule 5 – Understand the impact of the recessional climate and beyond – The good news is that the recession will not last forever, but it will have an impact on brands well into the future.
Once the current economic climate has adjusted to some sort of normality, then brands will continue to require a totally integrated approach.
The current climate will make for a more skeptical consumer and one that will require a more honest approach and a valued offering. Brands will have to be more focused, strategic and consistent in engaging and retaining consumers.
